The Institute of Directors (IoD) also said that there were some serious flaws in the solutions provided by the final report.

Richard Wilson, head of business policy at the IoD, said a revolution in the examination system will not, in itself, deliver improvements.

“The establishment of the diploma would be disruptive and costly,” he said. “The Government should retain the essence of the existing structure, make improvements where necessary and focus on driving up literacy and numeracy skills – this is business’s priority.”